BKN - Tax-Free Munis Continue To Perform
By John R. Mousseau, CFA, President and Chief Executive Officer, Director of Fixed Income
The tax-free bond market has continued to benefit from the drop in supply so far in 2018. To recap, the end of 2017 saw a bulge in supply as issuers tried to beat the tax cut bill that Congress was still massaging through joint Senate/House committee work. The final results of the bill were an elimination of advance refunding bonds but a continuation of private activity bonds. With the lack of clarity about aspects of the final bill, the supply of